The roar of an acquisition often overshadows the true meaning of that union, such is the case with Marketo’s recent announcement of its intent to acquire Bizible.
With this big news upon us, it’s easy to get swept up in the buzz. But to understand why this really matters we need to look at the context of the deal. The industry cannot overlook the pain marketing has been wallowing in for more than a decade. That pain has been rooted in the desire to provide validation of its own daily motions. Let’s face it–Marketing’s seat at the revenue table is wobbly at best. The C-suite looks upon the CMO with the skepticism of a big brother, forced to steward their tag-along sibling into the older kids clubhouse. Just shut up and don’t embarrass yourself is the unspoken code, and omerta of relevance — or lack thereof.
Marketing has received exactly what it asked for when their response to the economic downturn was to double down on strengthening their tie with revenue. Rather than dial back the spend, marketing leaders asked to split their twos and take one more run at success.
Marketing automation was a big part of that play, along with the growth of 6,829 martech variants currently plotted on Scott Brinker’s daunting map. Budgets continue to grow, although at a slowed pace. There is an air of risk blowing through the marketing hallways and that uncertainty is rooted in the inability for marketing to present revenue attribution metrics that have the confidence of the entire organization. Why? Simply because marketing’s data is not the only data necessary to draw the types of connection necessary to prove ROI – instead you need the data of the entire organization.
From web analytics, to marketing programs, to customer systems to accounting – creating a holistic picture of the buyer journey is no small feat, and when you do it through an incomplete lens, the picture is distorted. It’s bent in ways that make it immediately evident to a CEO or CFO that intimately understands the company performance. When you present something with visible holes in the foundation, it undermines the validity of all other results. Marketing has a big problem – the rest of the organization doesn’t trust it.
The bridge for that trust gap is squarely rooted in better analytics. Today Marketo recognized this gap and filled it with a Bizible acquisition.
LeadMD has been working with Bizible for several years now and their platform has become a key element of our recommended tech stack when organizations have reached a level of marketing maturity where the baseline marketing reporting has been achieved, and those KPIs have moved into a trusted quadrant within the company.
Advanced reporting is often a jagged pill to swallow, not only from a complexity standpoint but also from a systems architecture angle. It’s best to start with simple metrics that ensure your data sources are integrated in a best practices manner and the organization has come to rely on them as an accurate pulse of marketing effectiveness.
Bizible is a truly unique business intelligence platform because it actually accomplishes both. Not only do they provide baseline marketing reporting like program ROI and marketing attribution, but they are also capable of true business intelligence by leveraging a Snowflake or Redshift central data lake and leveraging Bizible as an opinionated reporting structure and visualization layer. When marketing asked for a seat at the revenue table, they forgot that the chair matters. Why pick the kid-sized plastic chair when you have the ability to relax in an elegant Herman Miller Eames.
The chair matters.
Today the chair got a lot stronger, more stable and at the same time, lifted the CMO to the same height as their peers. And that perspective makes all the difference.
You can check out LeadMD’s recommended Bizible Attribution methodology by clicking this link.
Meet Justin Gray
Justin is a serial entrepreneur and the CEO and founder of LeadMD, the world’s largest revenue operations agency having implemented over half of the Marketo user base. Justin has made a career of launching successful companies and scaling them, with successful exits of over 200MM+ in the last decade. Justin’s latest endeavor launched in 2016 when he co-founded Six Bricks an online learning startup designed to combat employee and customer churn through experience-based education. Over the past 10 years, Justin has emerged as a strong voice for entrepreneurship, marketing and culture. As a recognized speaker, Justin has been published over 350 times in industry publications and holds his own column, Tribal Knowledge in Inc., while writing for Entrepreneur, Tech Crunch and others. Justin and his wife Jennifer met over marketing and three years later welcomed their son, Grayson, into the world in April of 2017.